Australia has begun sharing intelligence with five countries to help target tax avoidance by multinational technology companies, which it says is costing Canberra more than $1bn a year in lost revenue.
India has strongly objected to Switzerland’s denial of information about account details of certain Indians at HSBC’s Swiss bank branches, in whose cases “incriminating evidence of tax evasion” have been found here.
A three-year-old judgment followed by repeated coaxing by the Supreme Court made the Centre disclose all 26 Indian account holders in LGT Bank in Liechtenstein along with details of money in their accounts, which was supplied in 2008 by Germany to India.
Indians residing in America might, from July, find it tough to invest in products offered by the Indian mutual fund sector.
As part of India’s approach to restrict offshore tax evasion and promote foreign investment, the Finance Ministry has recently opened seven new Income Tax Overseas Units in seven countries, including France, Germany, Japan, Netherlands, UAE, UK and